Core Viewpoint - The article investigates the challenges faced by Haipaike, a maternal and infant e-commerce platform preparing for an IPO, particularly focusing on allegations of counterfeit products and questionable supplier management practices [1][2][3]. Group 1: Company Overview - Haipaike, founded in 2015, is a B2B platform targeting the lower-tier market for maternal and infant products, connecting suppliers with retail stores and expanding into beauty and health products [2][3]. - The company claims to have a market share of 10.1% in the family care and nutrition product sector, with a projected transaction volume of 8.6 billion yuan in 2024 [2]. Group 2: Counterfeit Product Allegations - Haipaike has faced ongoing allegations of selling counterfeit products, with consumer complaints documented on third-party platforms [2][3]. - A test conducted by a journalist revealed that a purchased product, claimed to be genuine, failed authenticity checks, raising concerns about the company's product verification processes [3][5]. Group 3: Supplier Management Issues - The investigation highlighted significant issues in Haipaike's supplier management, including the presence of unauthorized products on the platform and a lack of rigorous supplier vetting [4][6]. - The company’s customer service has struggled to address counterfeit claims effectively, often leading to consumer dissatisfaction and difficulties in obtaining refunds [5][7]. Group 4: Operational Metrics and Claims - Haipaike claims to connect approximately 290,000 retail stores, but the authenticity of this figure is questioned, as the registration process for stores appears to be lax [10][11]. - The company’s revenue model has shifted from commission-based income to self-operated sales, with a notable decline in commission revenue from 354 million yuan in 2022 to 229 million yuan in 2024 [13][14]. Group 5: Financial Performance and Future Outlook - Haipaike's revenue showed signs of decline, with figures of 895 million yuan in 2022, 1.067 billion yuan in 2023, and 1.032 billion yuan in 2024, alongside a cumulative loss of 1.854 billion yuan by the end of 2024 [15][16]. - The company has undergone multiple rounds of financing, with significant shareholder withdrawals, indicating potential instability as it approaches its IPO [15][16].

Core Viewpoint - The company Haipai Ke, a maternal and infant e-commerce platform, is facing significant challenges including allegations of selling counterfeit products and declining growth, raising questions about its readiness for an upcoming IPO [1][12]. Group 1: Company Overview - Haipai Ke was established in 2015 and has received multiple rounds of investment from notable backers including Lei Jun's Shunwei Capital [1]. - The platform primarily serves the lower-tier market, connecting suppliers with maternal and infant stores, and has expanded its offerings to include beauty, health products, and digital appliances [1][9]. - The company claims to connect approximately 29,000 offline retail stores, but the authenticity of this figure is under scrutiny [7]. Group 2: Allegations of Counterfeit Products - Investigations revealed that Haipai Ke has been accused of selling counterfeit products, with specific instances reported by consumers [1][6]. - A test purchase of a product from Haipai Ke resulted in a counterfeit finding, raising concerns about the company's supplier management and product authenticity [2][4]. - The platform's customer service has been unable to provide satisfactory resolutions regarding counterfeit claims, indicating potential weaknesses in its operational protocols [4][6]. Group 3: Financial Performance and Challenges - Haipai Ke's revenue has shown signs of decline, with reported figures of 8.95 billion yuan, 10.67 billion yuan, and 10.32 billion yuan from 2022 to 2024 [12]. - The company has accumulated losses of 18.54 billion yuan, despite a shift in focus from scale to profitability [12][13]. - The company has faced multiple rounds of shareholder withdrawals, complicating its financial stability and IPO prospects [12][13]. Group 4: Research and Development Concerns - The company's investment in research and development for its private label products is significantly lower compared to industry peers, raising concerns about its ability to innovate [10][11]. - The average R&D expenditure per SKU is alarmingly low, questioning the company's capacity for breakthrough innovations [11]. Group 5: Regulatory and Compliance Issues - The platform's supplier vetting process appears to be inadequate, allowing unauthorized products to be listed [4][6]. - There are indications that the registration process for retail stores on the platform is not as stringent as claimed, leading to potential misrepresentation of its operational metrics [8].

Group 1 - The core viewpoint of the article highlights the resurgence of the vertical maternal and infant sector in the capital market, with the domestic maternal and infant e-commerce platform Haipai Ke filing for an IPO on the Hong Kong Stock Exchange [1] - Haipai Ke was established in 2015 to address the channel pain points for overseas maternal and infant brands entering the Chinese market, evolving into a B2B2C platform that connects 4,200 brand suppliers with 290,000 offline maternal and infant stores across over 3,000 villages and counties by December 31, 2024 [1] - The core team of Haipai Ke has a strong background from Alibaba, with CEO Zhao Chen having worked at Alibaba for 9 years and COO Xu Hong for nearly 12 years, which has attracted significant investment interest [1] Group 2 - Haipai Ke experienced rapid growth, with transaction volume exceeding 1 billion yuan in 2016 and reaching 10 billion yuan in 2019, but growth slowed to only 110 billion yuan in 2024, a mere 10% increase over five years [2] - The financial data of Haipai Ke shows a decline in profitability, with a net profit of 1.012 million yuan in 2022 turning into a loss of 78.825 million yuan by 2024 [2] - The company faces high debt levels, with a net debt of 2 billion yuan and a debt-to-asset ratio of 350% in 2024, primarily due to 2.4 billion yuan in convertible redeemable preferred shares [2] Group 3 - The challenges faced by Haipai Ke reflect broader issues within the vertical maternal and infant e-commerce industry, which has seen significant competition and market pressure since the boom in 2014 [2] - The rise of comprehensive e-commerce and content e-commerce has further squeezed the survival space for vertical platforms like Haipai Ke [3] - Haipai Ke aims to use its IPO as a critical strategy for overcoming these challenges, with plans to raise funds for strengthening ecosystem cooperation, enhancing technological capabilities, seeking strategic acquisitions, and supplementing working capital [3]